Approval of a Tenant Improvement Loan in the Amount of $200 000 to Improve the Former Crest House Restaurant Located at 12517 Washington Boulevard. City of Culver City California Agenda Item Report Meeting Date: 08/03/09 REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Tenant Improvement Loan in the Amount of $200 000 to Improve the Former Crest House Restaurant Located at 12517 Washington Boulevard. Contact Person/Dept.: Kriss Casanova Economic Development Manager Fiscal Impact: Yes X No General Fund: Yes No X Phone Number: (310) 253 5769 Item Number: _A 2 Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (USPS) All businesses occupants and property owners within a 500 foot radius of the site (07/22/09); (E Mail) Meetings and Agendas Redevelopment Agency (07/29/09). Department Approval: Sol Blumenfeld (07/27/09) Chief Financial Officer Approval: Jeff Muir (07/29/09) Agency General Counsel Approval: Murray Kane (07/28/09) Executive Director Approval: Mark Scott (07/29/09) RECOMMENDATION: Staff recommends the Redevelopment Agency Board (the Board ) approve a Tenant Improvement loan in the amount of $200 000 with Gooseberry Partners LP to improve the former Crest House restaurant located at 12517 Washington Boulevard (the Property ). BACKGROUND: The Redevelopment Agency has traditionally provided financial incentives in the form of low interest loans to preferred businesses within the Redevelopment Project Areas. Preferred businesses have included creative uses (architects and designers) restaurants retail stores commercial and professional businesses and non polluting industrial and manufacturing businesses. A new restaurant proposed for the former Crest House Family Restaurant site at 12517 Washington Boulevard has requested similar assistance. The Crest House Family Restaurant was established in the 1970 s and provided continuous food service to the West Washington area until 2006 when...
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